TAILIEUCHUNG - The sale of payment protection insurance – results of thematic work

Top Telemarketing Techniques is all about using the tele- phone to enhance sales, fostering better relationships with cus- tomers, and how to make it easier to target prospects. Much of what you’ll be reading within this book focuses on building the skills you need to become a top-notch telemarketer or telesales professional, whether you’re engaged in inbound or outbound telemarketing. Depending on what type of business you’re in and what your job responsibilities entail, how you use the tele- phone will vary. However, if you are or will be using the tele- phone in any part of your sales, marketing, or customer service efforts, many of the skills needed to. | Financial Services Authority The sale of payment protection insurance -results of thematic work November 2005 Contents Executive summary 2 1 Our approach 6 Supervision visits Mystery shopping About this report 2 Overall findings 9 3 Product design and selection 11 Product design Product selection 4 Selling practices 13 Risk of inappropriate sales Non-advised sales Suitability Statement of demands and needs Inducements and sales targets Sales techniques 5 Product and price information 21 General Exclusions Price disclosure for single premium policies Information on refunds when single premium policies are cancelled Misleading comparisons between single and regular premium policies 6 Training and competence 26 7 Systems and controls 27 Compliance monitoring Systems for refunds on cancelled policies The Financial Services Authority 2005 Executive Summary 1. This report sets out our findings on the level of compliance with our rules by firms selling payment protection insurance PPI with credit arrangements including revolving credit unsecured loans and prime and sub-prime mortgages and other secured loans . Our findings are based on supervision visits to 45 firms. We looked at the systems these firms had in place to achieve compliant selling practices. We also commissioned a market research company GfK NOP to carry out 52 mystery shops across 19 firms to look at what happens in practice. 2. As PPI is a secondary purchase there is little shopping around by consumers in most sections of the market although in some sections of the prime mortgage market brokers may shop around on behalf of customers. In addition PPI is a relatively complex insurance product and is often sold to vulnerable customers. As a result of this and the poor levels of compliance set out in this report the sale of PPI poses a high risk to our consumer protection objective. 3. The purpose of this report is to feed back our detailed findings including examples of compliant and non-compliant practices .

• Marketing - Bán hàng
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